Dundon reached an agreement to purchase the team from the estate of late owner Paul Allen in August. Per multiple reports, that team is being sold at a $4.25 billion valuation.

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Allen, who co-founded Microsoft, previously owned the Trail Blazers from 1988 until his death in 2018. He purchased the team for $70 million in 1988. The team has since been run by his his estate, which is managed by his sister, Jody Allen.

Allen’s will dictated that the team be sold after his death and for the proceeds to go toward philanthropic ventures. Now that sale is final and approved by the NBA. It’s not clear what philanthropic efforts the proceeds will support.

This story will be updated.